It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we see that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore real estate market is on the increase since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t just the economic growth that is fueling the Singapore Real Estate market place. It is also new policies within your housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase a lot more has to met the criteria of: the building must be over 6 stories high and must surely be a condominium).
The allowance of single people that aren’t related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership is currently a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Jade scape condo Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. Higher price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, so will the promises and expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be pushed aside.